the Gordon Merchant Superannuation Fund (GMSF) was to acquire from MFT some of MFT’s high-cost shares in BBG such that MFT could crystallise a capital loss. Among other issues considered, the FCA found that the predominant reason why GMSF acquired the BBG shares from MFT was to crystallise...
For example, there are potential taxes on superannuation inheritances. A surviving partner has an exemption from CGT when they receive the super fund payout. The rules are muddled when it comes to beneficiaries over the age of 18 or, who are not classed as dependents. This is when the supe...
Employers’ contributions to an approved superannuation fund (excluding foreign schemes) are subject to ESCT. This includes employer contributions to KiwiSaver (which is a type of registered superannuation scheme). ESCT is generally deducted at the employee’s relevant marginal rate based on the emp...
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I am also not convinced by the revenue positive argument. TheRISstates that as the exemption has been going on forever the forecasts have already factored in the exemption (7). This means an extension of the exemption has no fiscal effect. ...
Answer “yes” on tax return’s question that are you an Australian resident Claim for number of days during a financial year when you weren’t Australian resident for tax return for purpose of Medicare levy exemption days Get tax offset claim reduced for any dependant spouse if the spouse an...
The principal residence exemption is a powerful way to manage taxes and save money, especially for those who are using the sale of a home to fund retirement or healthcare needs,” says Chen. But he says that each person’s situation is unique and consultation with a tax advisor on how ...
You may also need to report your superannuation on theFBAR. However, there is an exemption for reporting trusts on the FBAR where the individual owns less than 50% of the assets in the trust. Arguably, if you are a part of a large fund, you are unlikely to own more than 50% of the...
Any payment made from a superannuation fund to an employee is exempt from tax only if it is made on the death of the employee, or in commutation of an annuity on his retirement at or after a specified age or on him becoming incapacitated. ...